Silver Price Analysis: XAG/USD clings to $28.00 amid high US yields

FXStreet
Updated Apr 19, 2024 02:00
Mitrade

■Silver maintains modest gains supported by a still-bullish market sentiment despite high US Treasury yields.


Technical outlook favorable as the Relative Strength Index (RSI) indicates buying activity despite a slight dip.


Potential resistance and breakout points set at $28.75 and $29.00, with eyes on surpassing the year-to-date high of $29.79.


Silver clings to modest gains of 0.29% and stays above $28.00 for the sixth consecutive trading day amid higher US Treasury bond yields and a strong US Dollar. At the time of writing, the XAG/USD trades at $28.30 after hitting a daily low of $28.14.


XAG/USD Price Analysis: Technical outlook


The grey metal continues to hold to the $28.00 threshold, while the Relative Strength Index (RSI) continues to edge lower. One could assume that buyers are taking a respite as the RSI edges lower, but it remains above the latest through of 54.00. With that said, Silver remains upward-biased as momentum favors bulls.


If XAG/USD buyers reclaim the May 18, 2021, daily high at $28.75, they could challenge $29.00. A breach of the latter will expose the year-to-date (YTD) high at $29.79 before challenging $30.00.


Otherwise, Silver’s drop below $28.00 would give sellers the upper hand and expose key support levels. Firstly, the April 15 daily low at $27.59, followed by the confluence of the 50% Fibo retracement and the $27.00 figure.


XAG/USD Price Action – Daily Chart



XAG/USD


Overview

Today last price

28.31

Today Daily Change

0.11

Today Daily Change %

0.39

Today daily open

28.2

 

Trends

Daily SMA20

26.6

Daily SMA50

24.7

Daily SMA100

24.07

Daily SMA200

23.68

 

Levels

Previous Daily High

28.8

Previous Daily Low

28.08

Previous Weekly High

29.8

Previous Weekly Low

26.88

Previous Monthly High

25.77

Previous Monthly Low

22.51

Daily Fibonacci 38.2%

28.53

Daily Fibonacci 61.8%

28.36

Daily Pivot Point S1

27.92

Daily Pivot Point S2

27.64

Daily Pivot Point S3

27.19

Daily Pivot Point R1

28.64

Daily Pivot Point R2

29.09

Daily Pivot Point R3

29.37

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